China’s Alibaba Launches Microfinance Arm, Ant Financial, to Consolidate Financi...

Oct 2014
China, October, 28 2014 - Alibaba Group Holding Limited, a Chinese internet and e-commerce company, recently launched Ant Financial Services Group, a microfinance arm to consolidate all six of Alibaba’s affiliated entities Alipay, an online payment tool; Alipay wallet, a mobile payment application; Yu’e Bao, a USD 93 billion money market fund; Zhao Cai Bao, a platform that allows individuals and small businesses directly borrow from investors; Ant Micro, a microfinance provider and MY Bank, an affiliated private bank.

Peng Lei, the Chief Executive Officer of Ant Financial, reportedly commented that the company primarily plans to target small businesses and banks. Peng Lei has also reportedly stated that Ant Financial does not have any current plans to hold an initial public offering.

During the quarter ending in September 2013, Alibaba reported an operating profit of USD 786 million on revenue of USD 1.78 billion. The company raised USD 21.8 billion in its Initial Public Offering in September 2014. As of 2013, Alipay had approximately 300 million users, including 190 million active users of Alipay Wallet.

Source : MicroCapital

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